● HORMUZ OIL FLOWS SINK TO WAR LOW

Crude moving through the Strait of Hormuz averaged just 8.5 million barrels a day in the week through October 7, nearly 40% below the normal pace for a channel that typically carries a fifth of the world's oil and gas. The drop came as attackers hit at least a dozen ships in the strait during the week through October 5, the highest weekly tally since the US and Israel opened their war on Iran more than seven months ago. Oil benchmarks like $USO have stayed bid as traders price in a chokepoint that still isn't clearing.